According to recent reports from Reuters, the Nigerian government has initiated legal proceedings against Binance, seeking approximately $79.5 billion in economic damages alongside $2 billion in unpaid taxes. The Federal Inland Revenue Service (FIRS) has accused the cryptocurrency exchange of engaging in illegal operations within the nation. This move follows earlier allegations of tax evasion against Binance from March 2024, which cited multiple breaches including the failure to remit corporate income tax and inadequacies in submitting required tax documentation.
The ongoing lawsuit marks a significant escalation in Nigeria’s regulatory scrutiny of Binance. Notably, two senior executives, Tigran Gambaryan and Nadeem Anjarwalla, previously detained in Nigeria, have been implicated as defendants in the case. This development highlights the increasing challenges faced by cryptocurrency exchanges in navigating compliance within diverse regulatory frameworks.